WARNING: This is a
NEGOTIABLE note. Please
consider whether you wish to make it
NON-NEGOTIABLE.
SECURED PROMISSORY
NOTE
Date: ENTER
DATA
$ ENTER DATA
1)
For value received, ENTER
DATA ("Borrower") promises to pay to the order
of ENTER
DATA ("Lender") the principal sum of ENTER
DATA Dollars ($ENTER
DATA), together with interest thereon at the
rate of ENTER
DATA percent (ENTER
DATA %)Check
rate for usury issues
per annum
from the date of this Secured Promissory Note
("Note").
a)
All sums due under this Promissory Note
shall be paid no later than
____________________________, 199 ENTER
DATA.
b)
Advance payments or other additional
payments may be made on this Note at any
time. Except as otherwise provided in this
Note, each payment shall be first applied to the
payment of accrued interest and second to the
payment of principal.
c)
Principal and interest on this Promissory
Note shall be payable at: ENTER
DATA
2)
In no event shall the interest rate exceed
the maximum rate allowed by law.
3)
This Note is secured by a ENTER
DATA [choose one: Mortgage/Security Agreement]
dated the same day as this Note. Any
default under this Note or under the ENTER
DATA [choose one: Mortgage/Security Agreement]
or ENTER
DATA, permits the holder to, without notice or
demand, declare the entire unpaid balance of this
Note to be immediately due and owing.
4)
All makers, sureties and guarantors demand
presentment, notice of nonpayment and
protest. This Note is the joint and several
obligation of all makers, and guarantors, and is
binding upon them and their heirs, personal
representatives, successors and
assigns.
WITNESS:
BORROWER(S):
ENTER
DATA
ENTER
DATA
